Oil Prices Directed by Debt Problems in Near-Term. Long-Term Fundamentals Remain Intact

Oil prices recovered modestly after dropping yesterday as optimistic messages from central banks in Asia Pacific region temporarily offset debt concerns in the US and the Eurozone. The front-month contract for WTI crude oil edged higher to 99.7 from yesterday's close of 99.2 while the equivalent Brent crude contract rose above 118 again. Recent consolidation in oil prices has been driven by some specific macroeconomic events.

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Oil Prices Directed by Debt Problems in Near-Term. Long-Term Fundamentals Remain Intact